Need to transfer money from Ireland to Australia or the other way round?? I’ve got you covered.
Pretty much all Irish people who move to Australia from Ireland on a working holiday visa will need to send money from their old Irish bank account to their new Australian bank account.
Or maybe you just need to send money to a family member who has moved to Australia.
Whether you are on a working holiday visa or moving here permanently this guide will help you transfer money from Ireland to Australia the cheapest way.
My Facebook page Irish Around Oz gets enquiries all the time from people asking:
What is the best way to send money from Ireland to Oz?
Is there a cheap way to transfer money from my bank account?
What is the safest and fast way to send money from Australia to Ireland or the other way round!?
So don’t worry you are not alone, in fact when I started Irish Around Oz in 2013 I published this article on sending money from Australia to Ireland and it saved many of my readers $1000’s on bank fees.
OFX – Fantastic for larger money transfers over the $5k mark. Currencyfair is great but with OFX you get a more dedicated broker who can offer advice on the rate and best time to transfer. Meaning more money in your pocket at the end of the day.
Currencyfair – Get your first ten transfers for free with this link. Up to 8x cheaper than banks and an Irish company
Transferwise – Simple, easy to use and often has great rates! You can see the main differences between Currencyfair vs Transferwise here.
Okay, thanks for the links Stephen but why shouldn’t I use banks to send money from Australia?
Here is what happened to me when I went to transfer money from Ireland to Australia:
- The mistake I made when I first moved to Australia was just sending it via my bank! I figured sure I would get a reasonable rate, and it is probably the easiest.
- What I didn’t realise was that banks could charge between 4% – 6% on the exchange rate(yes that much!).
I also paid about €20 in “Sending fees.”
- Not only that but when I got the money in my new commonwealth bank account, I had to pay a receiving fee from an international bank transfer.
- So my hard-earned €3000 transfer to Australia had accumulated over €100 in bank fees when you include the sending/receiving fees and the crazy % they charge on the exchange rate.
- Of course, I didn’t care, I needed the money and frankly thought it was the only way to send money from Ireland to Australia.
About one week later, my buddy, Ian told me about CurrencyFair, an Irish company that he used to transfer money from Ireland to Australia a few months previous.
- He explained how you send money to CurrencyFair’s local bank account and then exchange it on the marketplace for whatever currency you need. In my case Australian dollars.
- Then you send it to your bank account from their local bank.
- Basically meaning you don’t pay any sending or receiving fees(which is excellent!)
- But I still had reservations; it only took me a few minutes to set up the money transfer from Ireland to Australia with my bank. I don’t mind the fees, and this CurrencyFair thingy sounds complicated.
- Then he mentioned the exchange rate which they charge less than around 0.35% versus 4-6% with banks!!
- I went to their calculator to see how much more I would have saved if I had used them with my €3000 and
- The average person who moves to Australia on a working holiday visa for two years sends money from Ireland to Australia or from Australia to Ireland up to five times!
- So it makes a lot of sense to use CurrencyFair versus your bank. Once you are set up, it literally takes three clicks to transfer money from Australia to Ireland.
Over the years I have recommended CurrencyFair as the cheapest way to transfer money from Ireland to Australia.
Thankfully many of you reading this have not yet lost out on the crazy bank fees.
I am happy to let you know that if you sign up with this link, you will get your first ten transfers for free.
They have a very low €3 transfer fee after the transfers are finished, still handy to get some free transfers when you are sending your money from Ireland to Australia.
What other options are there to transfer money from Ireland to Australia?
As you will see from above CurrencyFair is my personal go-to for sending money to Australia or anywhere for that matter.
But sometimes you need a more personal approach with a dedicated broker who can offer advice on when to transfer, how the exchange rate is doing etc.
Or you might just be sending a lot of money home from Ireland to Australia(€10k+), and you want to speak to someone.
This is why my second recommendation would be OFX(Ozforex) they offer fast & secure, international money transfers and better FX rates than your bank. If you sign up with them here, you get no transaction fees over $1000AU for life, for all Irish Around Oz readers.
Many people in my Facebook group for Irish ex-pats returning to Ireland are transferring money home from a house sale in Australia or the other way round. In those cases I highly recommend you deal with a broker versus using banks or a money transfer service.
Final thoughts on the cheapest way to transfer money from Ireland to Australia
Can I still use banks to send money from Ireland to Australia? Of course.
But think about it, you are giving them additional money in the form of fees for zero benefits.
I hope this information has been helpful to you and you have saved on international money transfers.
Before you go:
Sign up to CurrencyFair now with our link now and reserve your first ten transfers!
Sign up to OFX now with our link and get free transfers for life over $1000
Transferwise – Another popular money transfer service that offers great rates. You can read my comparison between Currencyfair Vs Transferwise here
Thanks for reading and good luck moving to Australia!
P.S Many more fantastic services on my resources page.